Mar 31, 2015
We have audited the accompanying financial statements of Bhagawati
Oxygen Limited ("the Company"), 1 which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory , information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance' with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2) As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
b) In our opinion, proper books of account as required by law have been
kept by the company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015 from being
appointed as director in terms of Section 164(2) of the Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements. Refer Note No.28(12)]
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
For CHATURVEDI&CO.
Chartered Accountants
FirmRegn. No.302137E
S.C.Chaturvedi
Date : May 30,2015 . Partner
Place: Kolkata Mem.No.012705
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph 1 of "Other Legal and Regulatory requirements
" of our Audit Report)
i) In respect of Fixed Assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of its Fixed Assets.
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals. No serious discrepancies
were noticed on such physical verification.
ii) In respect of Inventories:
a) As explained to us, the physical verification of inventory has been
conducted by the management at reasonable intervals. In our opinion,
the frequency of the verification is reasonable having regard to the
size of the Company and nature of its business.
b) In our opinion and according to the information and explanations
given to us, the procedures and frequency of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business.
c) The Company has maintained proper records of inventory. As explained
to us, there was no material discrepancies noticed on physical
verification of inventory as compared to the book records.
iii) According to the information and explanation given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
189 of the Companies Act, 2013. Hence provisions to Para 3 (iii)(a) and
(b) of the said order are not applicable.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of goods, fixed assets and sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal control system.
v) According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the
meaning of directives issued by the Reserve Bank of India and
provisions of Sections 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and the rules framed there under.
vi) Based on the information available and explanations given to us,
the maintenance of Cost records has not been specified by the Central
Government under section 148(1)of the Companies Act, 2013for any of the
products manufactured by the company.
vii)a) According to the information and explanations given to us and on
the basis of our examination of the books of accounts, the Company is
generally regular in depositing the undisputed statutory dues includ-
ing Provident fund, Income Tax, Sale tax, Wealth Tax, Service Tax, Duty
of customs, Duty of Excise, Value added Tax, Cess and any other
statutory dues as applicable with the appropriate authorities. There
were no un-disputed statutory dues as at the end of the year concerned
outstanding for a period of more than six months from the date they
became payable
b) According to the information and explanations given to us and as per
the records of the Company examined by us, the particulars of dues of
Sale tax and Income Tax, which have not been deposited on account of
any dispute as at March 31,2015 are given below:
Sl Name of the Nature of Amount Period to which the
No. Statute dues (In Rs.) amount relates
1 West Bengal
VAT VAT&CST 15,18,996/- 2006-2007
Act&CSTAct
2 IncomeTaxAct Income Tax 3,97,860/- 2010-2011
2,78,490/- 2012-2013
Sl. Name of the Statute Forum where pending
No.
1. West Bengal VAT WB Commercial Tax
Act & CST Act Appelate and Revisional
Board
2. Income Tax Act CIT (Appeal) Kolkata
DCIT Kolkata
c) According to the information and explanations given to us, there is
no amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under during the
year.
viii) The Company does not have any accumulated loss at the end of the
financial year and there is no cash loss in the current year and the
immediately preceding financial year.
ix) As per the books and records maintained by the Company and
according to the information and explanations given to us, the Company
has not defaulted in repayment of dues to any financial institutions
or banks or debenture holders.
x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks and financial institutions during the year.
xi) In our opinion, the term loan has been applied for the purpose for
which they were raised.
xii) To the best of our knowledge and belief and based on the
information and explanations furnished by the management, which has
been relied upon by us, there were no frauds on or by the Company
noticed or reported during the year.
For CHATURVEDI&CO.
Chartered Accountants
Date : May 3,0, 2015 Firm Regn.No.302137E
Place: Kolkata S.C.Chaturvedi
Partner
Mem.No.012705
Mar 31, 2014
We have audited the accompanying financial statements of Bhagawati
Oxygen Limited, ("the Company") which comprise the Balance Sheet as at
March 31,2014, the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation of
financial statements and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account ;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956
e) On the basis of the written representations received from the
Directors as on March 31,2014 and taken on record by the Board of
Directors , we report that none of the Directors is disqualified as on
March 31,2014 from being appointed as Directors of the Company in terms
of (g) of sub-section(1) of section 274 of the Companies Act,1956.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in Paragraph 1 of "Other Legal and Regulatory
requirements" of our Audit Report)
i) In respect of Fixed Assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of its Fixed Assets.
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals. No serious discrepancies
were noticed on such physical verification.
c) No part of fixed assets has been disposed off during the year.
ii) In respect of Inventories:
a) As explained to us, the physical verification of inventory has been
conducted by the management at reasonable intervals. In our opinion,
the frequency of the verification is reasonable having regard to the
size of the Company and nature of its business.
b) In our opinion and according to the information and explanations
given to us, the procedures and frequency of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business.
c) The Company has maintained proper records of inventory. As explained
to us, there was no material discrepancies noticed on physical
verification of inventory as compared to the book records.
iii) As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to/from the companies, firms or other
parties covered in the register maintained under section 301 of the
Companies act, 1956.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of goods, fixed assets and sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal control.
v) (a) In respect of contracts or arrangements entered in the register
maintained in pursuance to the section 301 of the Companies act, 1956,
to the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contract
referred to in Section 301 that need to be entered into the register,
maintained under that section have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions pursuant to such contract have been made
at prices which are reasonable to the prevailing market prices at the
relevant time.
vi) The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA and any other relevant provisions
of the act.
vii) In our opinion, the internal audit system of the Company is
commensurate with the size and nature of its business.
viii) The Central government has prescribed to the company for the
maintenance of Cost records as referred under clause (d) of sub section
(1) of Section 209 of the Companies act, 1956. We are of the opinion
that prima facie, the prescribed accounts and records have been made
and maintained. However we are not made any detailed examination of
the records with a view to determine whether they are accurate and
complete.
ix) a) According to the records of the Company, the Company is
generally regular in depositing the undisputed statutory dues including
Income Tax and other statutory dues applicable to it with the
appropriate authorities. According to the information and explanations
given to us, there are no undisputed amounts payable in respect of
Income tax, wealth Tax, service tax, Sale tax, custom duty and excise
duty which are outstanding, at the year end for a period of more than
six months from the date they became payable, b) According to the
information and explanations given to us, and as per the records of the
Company examined by us, the particulars of dues of Income Tax and Value
Added Tax, which have not been deposited on account of any dispute as
at March 31,2014 are given below:
SI. Name of Nature of dues Amount Period to
No. the Statute (in Rs.) which the
amount
relates
1 Income Tax Income Tax 1 ,67,845/- 2010-2011
ACt, 1961
Tax deducted 52, 100/- 2007-2008
at source
67,720/- 2008-2009
53,610/- 2008-2009
SI. Name of Forum where
No. the Statute pending
1 Income Tax CIT (Appeal) Kolkata
ACt, 1961
CIT (Appeal) Kolkata
CIT (Appeal) Kolkata
CIT (Appeal) Kolkata
x) The Company does not have any accumulated loss at the end of the
financial year and there is no cash loss in the current year and the
immediately preceding financial year.
xi) As per the books and records maintained by the Company and
according to the information and explanations given to us, the Company
has not defaulted in repayment of dues to any financial institutions or
banks or debenture holders.
xii) According to the information and explanations given to us, and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xiii) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special status applicable to chit fund and nidhi /mutual benefit
fund/ societies.
xiv) As informed and explained to us, the Company is not dealing or
trading in shares, securities, debentures and other investments during
the year. In our opinion and according to the information and
explanations given to us. proper records have been maintained of the
transactions and contracts relating to other investment and timely
entries have been made therein. The shares and other investments have
been held by the Company in its own name.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks and financial institutions during the year.
xvi) In our opinion, the tern loan has been applied for the purpose for
which they were raised.
xvii) According to information and explanations and on overall
examination of the balance sheet of the Company, we report that no
funds raised on short term basis, which have been used for long term
investments during the year.
xviii) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix) The Company did not have any outstanding debentures during the
year.
xx) The Company has not raised any money through public issue during
the year.
xxi) Based on the information and explanations furnished by the
management, which have been relied upon by us, there were no frauds on
or by the Company noticed or reported during the year.
For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No.-302137E
Place : Kolkata S. C. Chaturvedi
Date : 30th May, 2014 (Partner)
Mar 31, 2010
1. We have audited the attached Balance Sheet of Bhagawati Oxygen
Limited as at 31st March, 2010 and the Profit and Loss Account of the
Company for the year ended on that date annexed thereto and the Cash
Flow statement for the year ended on that date. These financial
statements are the responsibility of the Companys Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require i that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (as
amended by the CARO amendment order 2004) issued by the Central
Government of India in terms of sub section (4 A) of section 227 of the
Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that :-
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) The Balance Sheet, the Profit & Loss account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
iv) In our opinion, the Balance Sheet, the Profit & Loss account and
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Section 211(3C) of the Companies
Act,1956;
v) On the basis of written representations received from the Directors
as on 31st March 2010 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on 31st March
2010, from being appointed as a director in terms of Clause(g) of
Sub-section (1) of Section 274 of the Companies Act 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Significant Accounting Policies and Notes on Accounts appearing thereon
give the information required by the Companies Act 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:-
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 and
ii) In the case of the Profit & Loss Account, of the Profit for the
year ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended or that date.
ANNEXURE TO THE AUDITORS REPORT :
i) The Company has maintained proper records showing full particulars,
including quantitative details and situations of fixed assets. As
explained to us, the fixed assets have been physically verified by the
management at reasonable intervals. No serious discrepancies were
noticed on such verifications. No substantial part of the fixed assets
has been disposed off during the year.
ii) Physical verification of inventories was not required as there was
no stock as on 31st March 2010.
iii) As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to/ from companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956 and as such clauses (iii) (a) to (iii) (f) are not
applicable.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in the internal controls.
v) According to the information and explanations provided by the
management, we are of the opinion that there have been no transactions
that need to be entered into the register maintained under Section 301
and hence clause (v)(b) is also not applicable.
vi) The Company has not accepted any deposit from public within the
meaning of Sections 58A and 58AA or any other relevant provisions of
the Act.
vii) In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
viii) The Central Govt, has prescribed maintenance of Cost Records
under section 209(1 )(d) of the Companies Act, 1956 in respect of
certain manufacturing activities of the Company. We have broadly
reviewed the accounts and records of the Company in this connection and
are of opinion, that prima facie the prescribed accounts and records
have been made and maintained. We have not however made a detailed
examination of the same.
ix) (a) According to the records of the Company, the Company is regular
in depositing undisputed statutory dues including Income-tax and other
statutory dues applicable to it with the appropriate authorities.
According to the information and explanations given to us, there are no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty and excise duty which were
outstanding, at the year end for a period of more than six months from
the date they became payable.
(b) There are no dues outstanding of sales tax, income tax, custom
duty, wealth tax, service tax, excise duty and cess on account of any
dispute
x) The Company does not have any accumulated loss at the end of the
financial year and there is no cash loss in the current year and in the
immediately preceding year.
xi) As per books and records maintained by the Company and according to
the information and explanations given to us, the Company has not
defaulted in repayment of dues to financial institutions or banks or
debenture holders.
xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xiii) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special status applicable to chit fund and nidhi /mutual benefit
fund/ societies.
xiv) As informed and explained to us, the Company has not dealt /
traded in securities or debentures during the year. In our opinion and
according to the information and explanations given to us, proper
records have been maintained of the transactions and contracts relating
to other investments and timely entries have been made therein. The
shares and other investments have been held by the Company, in its own
name.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by its associates
from bank or financial institutions. As informed to us, the Company has
no subsidiary companies
xvi) In our opinion the term loan has been applied for the purpose for
which they were raised. .
xvii) According to the information and explanations and on overall
examination of the balance sheet of the Company, we report that no
funds raised on short term basis have been used for long term
investments.
xviii) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix) The Company did not have any debentures during the year.
xx) The Company has not raised any money through public issue during
the year.
xxi) Based on information and explanations furnished by the management,
which have been relied upon by us, there were no frauds on or by the
Company noticed or reported during the year.
For CHATURVEDI & COMPANY
Chartered Accountants
Firm Regn.No.302137E
Place :Kolkata S. BANERJI
Dated : 31st July, 2010 Partner
M.No.: 050912
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